Normally the piston is used dry, as oil will over time create sludge that will inhibit operation. But....the piston and piston sleeve need to be extremely clean. The shutter-blades can be given a light coating of graphite, gently rubbed in, both sides, with your finger. (Wash your hands, afterwards). In fact, I would use nothing but graphite for any lubrication on a Packard style shutter. I have old Packard shutters that have common pencil shaded onto both sides of the blades. (another source of graphite). The inside of the metal shell of the shutter is prone to rust, and this can inhibit the movement of the parts. You can use a scotchguard pad, or steel wool to remove the rust. Properly working, it should not take very much "squeeze" on the bulb to operate the shutter.